Archive | August, 2013

Avid Potential NASDAQ Delisting

19 Aug

To add to the already troubled financial affairs of Avid (Avid Confirms Delay in Filing Restated Financials), the company has now reported that it has received an anticipated additional notification from the staff of the NASDAQ Listing Qualifications Department  of Avid’s continued noncompliance with NASDAQ Listing Rule 5250(c)(1) due to Avid’s delay in filing its Form 10-Q for the quarter ended June 30, 2013. The notification, which was superseded by a notification dated August 15, 2013 to correct a typographical error, was issued in accordance with NASDAQ procedure, which provides that failure to comply with the rule could serve as a basis for the delisting of Avid’s stock from the NASDAQ Global Select Market. […]

Digital Media Production Trends & China Broadcast Pro Video

19 Aug

SCRI is about to publish a new Digital Media Production Trends Report among pro AV users, tracking tech trends, formats, storage issues, brand shares for cameras and post etc. Pre publication discounts apply for this week only. Report due this week! Click here to view table of contents & pricing […]

Avid Confirms Delay in Filing Restated Financials

14 Aug

Avid has posted a NT 10-Q Notification Of Late Filing stating that the company is still in the process of restating its financial statements 2009-2011. While this will not result in a recalculation of total revenues it will result in a reclassification and this is just another example of the less than stellar management from this major player, which has resulted in several key executive firings & hirings — the replacement of CEO Garry Greenfield, CFO Ken Sexton, and Chief Accounting Officer Karl Johnson. In addition, the company’s reported annual revenues have been on the decline since 2007 ($926.6 M) down to $677.9M in 2011 (last reported.

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ChyronHego Reports Q1 Increased Revenue but Continued Net Loss

14 Aug

ChyronHego reported that total revenue in Q1 increased by 2% to $8.01M.  However the company continues to report a net loss of $0.95M.  It appears that any significant impact of the rebranding of Chyron with Hego is yet to be seen, in spite of eliminating a number of Chyron positions primarily in the US in May and staving off delisting threatened by Nasdaq recently . These results are in line with those reported earlier in May  — Chyron Cuts Staff After Posting Continued Q1 Loss.

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Avid Replaces Chief Accounting Officer

6 Aug

Avid has replaced the Chief Accounting Officer, Karl Johnson. This announcement comes on the heels of several other negative news announcements including  the replacement of CEO Garry Greenfield and CFO Ken Sexton (Avid Replace CFO Amid Financial Troubles), as well as the recent potential delisting from NASDAQ , and postponement of Q3 financials.

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